http://www.yahoo.com/headlines/current/business/stories/commodities.html (Einblicke ins Internet, 10/1995)
NEW YORK (Reuter) - Cotton futures rose sharply Friday, driven up by renewed concern that pests are devouring the cotton crop.
Trading on most commodity markets slowed going into the weekend, which will be extended through Monday for Labor Day when all exchanges will be closed. Lower gold and silver prices were offset by higher oil prices, as the Commodity Research Bureau index of 21 commodities rose 1.33 points to 241.22.
Cotton prices have risen 20 percent in the past three weeks and are in sight of last year's historical highs above $1 a pound. December closed 1.9 cents higher at 85.67 cents a pound.
Robert McCarty, an entomologist with Mississippi's Department of Agriculture, said the tobacco budworm has eaten 16-20 percent of the state's cotton crop.
After spending up to $150 an acre for pesticides, some farmers have simply surrendered entire crops to the insect.
Frank Carter of the National Cotton Council based in Tennessee said insects eat roughly 4-5 percent of the cotton crop each year.
Experts said several mild winters in a row have allowed more pests to survive.
In the precious metals market, gold prices weakened after economic data showed few signs of inflation, despite stronger-than-expected monthly job numbers.
While the August unemployment report showed 249,000 non-farm jobs were created, it also indicated a fall in hourly earnings. In addition, the National Association of Purchasing Management index was well below analysts' expectations and included a sharp drop in the price component.
December gold fell $2.20 to $384.70 an ounce.
Analysts said this week's decline in silver prices finally caught up to gold. December silver settled 4.0 cents lower at $5.35 an ounce.
A sudden rise in silver stocks in exchange-approved warehouses caused prices to dip.
Oil prices rallied in quiet trading late in the session. October crude rose 20 cents to $18.04 a barrel, October heating oil gained 0.76 cent to 51.43 cents a gallon while October gasoline jumped 0.86 cent to 54.25 cents.